Paprika Studios Goes Independent

Paprika Studios has reached a deal to exit Viaplay Group, with the management team led by Ákos Erdős taking over the ownership.

The current management team led by Erdős as CEO has closed the acquisition of Paprika Studios from Viaplay Group as part of a management buyout. The Budapest-headquartered production company has its own branches in eight countries. The group will continue its business strategy and further strengthen cooperation with international streaming providers in addition to its television collaborations.

Erdős commented: “The change of ownership will open up new market opportunities for Paprika Studios. Furthermore, in addition to continuing our collaborations with several market-leading broadcasters, we will be able to deepen our partnerships with other international streaming providers. Our business strategy has always been based on the production of quality content, whether it is entertainment, fiction or reality productions, movie productions or short films. This professionalism and commitment will be even stronger with the arrival of the management team as owners.”

Enrique Patrickson, Viaplay Group’s executive VP, CFO and head of strategy and M&A, added: “We are pleased to close this transaction, which is in line with Viaplay Group’s business strategy. The offer from Paprika’s management created the most value for Viaplay Group’s shareholders and made a swift process possible. We wish Ákos and his team all the best as they take Paprika Studios forward as an independent company.”

Paprika Studios became part of the Modern Times Group in 2012 and then Viaplay Group, which decided last year to focus on its Nordic and Netherlands operations as part of a new business strategy and to refocus its content offering on premium sports, acquired films and series and local non-scripted productions. Viaplay Group decided to accept a purchase offer for Paprika Studios from the latter’s management team. The offer was subject to approval by Viaplay Group’s shareholders, which was received on January 10, and the transaction closed on January 19.